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Strategies & Market Trends : BAK - Investing

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From: PoorAnthony

5/7/2013 9:22:44 PM

of 3249

SEQUX / O'Reilly

From SEQUX 2012 Annual

We have always liked O’Reilly for its industry-leading distribution network, allowing for wide inventory coverage and prompt delivery of parts to commercial garages. The company is led by a talented and experienced team dedicated to growing the store base, expanding parts coverage, and returning excess cash to shareholders through stock buybacks. In 2012, sales increased about 7% (including a nearly 4% gain in comparable store sales) and operating income grew 13% as the operating margin reached an all time record of 15.8% versus 14.9% last year. Earnings per share increased 25%, much faster than sales and operating profit, reflecting an aggressive share repurchase program during the year. The company has a solid balance sheet and generates ample free cash flows, which should enable it to grow its store base by 3%-4% annually while sustaining stock buybacks.

Trailing 5 yr CFS

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	585.7	507.7	419.4	307.5	186.2
Depreciation	177.1	165.9	161.4	148.2	107.3
Depreciation/Depletion	177.1	165.9	161.4	148.2	107.3
Amortization of Intangibles	-	-	-	-	5.7
Amortization	-	-	-	-	5.7
Deferred Taxes	8.2	54.1	99.3	50.4	11.0
Unusual Items	0.0	21.6	-11.6	0.0	0.0
Other Non-Cash Items	-7.4	7.7	13.1	27.7	25.5
Non-Cash Items	-7.4	29.3	1.5	27.7	25.5
Accounts Receivable	4.4	-21.2	-21.7	-9.7	-7.4
Inventories	-276.9	37.7	-110.3	-339.7	-142.3
Accounts Payable	645.7	383.6	82.6	79.8	50.4
Accrued Expenses	13.1	1.2	18.9	-10.8	-
Taxes Payable	71.3	-8.6	15.3	6.5	-
Other Liabilities	-	-	-	-	62.1
Other Assets & Liabilities, Net	30.2	-30.8	37.4	25.4	-
Changes in Working Capital	487.9	362.0	22.1	-248.6	-37.2
Cash from Operating Activities	1,251.6	1,119.0	703.7	285.2	298.5

Purchase of Fixed Assets	-300.7	-328.3	-365.4	-414.8	-341.7
Capital Expenditures	-300.7	-328.3	-365.4	-414.8	-341.7
Acquisition of Business	-	-	-	-	-33.8
Sale of Fixed Assets	3.0	2.7	2.1	4.3	1.2
Purchase of Investments	-	-	-	-	0.0
Other Investing Cash Flow	-19.7	6.0	12.0	-0.2	6.6
Other Investing Cash Flow Items, Total	-16.7	8.7	14.1	4.1	-25.9
Cash from Investing Activities	-317.4	-319.7	-351.3	-410.7	-367.6

Other Financing Cash Flow	36.3	13.0	18.6	10.6	-49.5
Financing Cash Flow Items	36.3	13.0	18.6	10.6	-49.5
Sale/Issuance of Common	-	-	-	-	23.0
Repurchase/Retirement of Common	-1,445.3	-976.6	0.0	0.0	-
Common Stock, Net	-1,381.8	-919.1	63.1	59.5	23.0
Issuance (Retirement) of Stock, Net	-1,381.8	-919.1	63.1	59.5	23.0
Short Term Debt Issued	298.9	796.0	0.0	0.0	-
Short Term Debt, Net	298.9	796.0	0.0	0.0	-
Long Term Debt Issued	0.0	42.4	548.7	664.6	619.0
Long Term Debt Reduction	-0.9	-399.8	-980.0	-613.6	-539.8
Long Term Debt, Net	-0.9	-357.4	-431.3	51.0	79.3
Issuance (Retirement) of Debt, Net	297.9	438.5	-431.3	51.0	79.3
Cash from Financing Activities	-1,047.6	-467.5	-349.6	121.1	52.8

Net Change in Cash	-113.4	331.8	2.8	-4.4	-16.3

Net Cash - Beginning Balance	361.6	29.7	26.9	31.3	47.6
Net Cash - Ending Balance	248.1	361.6	29.7	26.9	31.3
Cash Interest Paid	34.7	13.4	31.2	36.9	17.8
Cash Taxes Paid	274.6	252.8	154.1	130.7	74.2

A cursory review of the CFS shows CFO being heavily influence by WC. Their stock buy-backs were roughly twice their NI. Sustainable? Doesn't seem so, but ORLY is +25% YTD!

On the BS is, the growth in AP is apparent:

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash & Equivalents	248.1	361.6	29.7	26.9	31.3
Cash and Short Term Investments	248.1	361.6	29.7	26.9	31.3
Accounts Receivable - Trade, Gross	129.4	141.6	130.2	114.7	110.5
Provision for Doubtful Accounts	-6.4	-6.4	-8.3	-6.8	-4.5
Trade Accounts Receivable - Net	181.2	203.8	183.7	171.0	165.8
Total Receivables, Net	181.2	203.8	183.7	171.0	165.8
Total Inventory	2,276.3	1,985.7	2,023.5	1,913.2	1,570.1
Deferred Income Tax - Current Asset	-	0.0	33.9	85.9	64.0
Other Current Assets	27.3	56.6	30.5	29.6	44.1
Other Current Assets, Total	27.3	56.6	64.4	115.6	108.2
Total Current Assets	2,732.9	2,607.6	2,301.3	2,226.7	1,875.4

Buildings	1,525.3	1,408.0	1,291.9	1,081.2	907.6
Land/Improvements	420.3	462.8	392.6	331.5	281.8
Machinery/Equipment	1,164.0	1,112.9	960.4	803.4	684.4
Construction in Progress	159.9	43.3	60.5	137.2	65.8
Property/Plant/Equipment - Gross	3,269.6	3,027.0	2,705.4	2,353.2	1,939.5
Accumulated Depreciation	-1,058.0	-933.2	-775.3	-626.9	-489.6
Property/Plant/Equipment - Net	2,211.6	2,093.8	1,930.1	1,726.4	1,449.9
Goodwill, Net	758.4	743.9	744.0	744.3	720.5
Intangibles - Gross	51.6	52.5	52.6	65.5	66.1
Accumulated Intangible Amortization	-29.0	-24.4	-18.6	-23.2	-9.5
Intangibles, Net	22.6	28.1	34.0	42.3	56.5
Note Receivable - Long Term	5.3	10.9	18.0	12.5	21.5
Deferred Income Tax - Long Term Asset	-	-	-	-	28.8
Other Long Term Assets	18.3	16.3	20.5	29.3	40.6
Other Long Term Assets, Total	18.3	16.3	20.5	29.3	69.4
Total Assets	5,749.2	5,500.5	5,047.8	4,781.5	4,193.3

Accounts Payable	1,929.1	1,279.3	895.7	818.2	737.0
Accrued Expenses	102.5	94.0	98.3	87.1	99.2
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.2	0.7	1.4	106.7	8.1
Income Taxes Payable	5.9	0.0	4.8	8.1	10.0
Deferred Income Tax - Current Liability	19.5	2.0	0.0	-	0.0
Other Current Liabilities	215.6	204.1	228.7	199.1	199.2
Other Current liabilities, Total	241.0	206.1	233.5	207.2	209.2
Total Current Liabilities	2,272.9	1,580.0	1,229.0	1,219.1	1,053.5

Long Term Debt	1,095.7	796.9	357.3	684.0	724.6
Total Long Term Debt	1,095.7	796.9	357.3	684.0	724.6
Total Debt	1,096.0	797.6	358.7	790.7	732.7

Deferred Income Tax - LT Liability	79.5	88.9	68.7	18.3	0.0
Deferred Income Tax	79.5	88.9	68.7	18.3	0.0
Other Long Term Liabilities	192.7	189.9	183.2	174.1	133.0
Other Liabilities, Total	192.7	189.9	183.2	174.1	133.0
Total Liabilities	3,640.9	2,655.7	1,838.1	2,095.6	1,911.1

Common Stock	1.1	1.3	1.4	1.4	1.3
Common Stock	1.1	1.3	1.4	1.4	1.3
Additional Paid-In Capital	1,083.9	1,110.1	1,141.7	1,042.3	949.8
Retained Earnings (Accumulated Deficit)	1,023.3	1,733.5	2,069.5	1,650.1	1,342.6
Other Comprehensive Income	-	0.0	-3.0	-8.0	-11.5
Other Equity, Total	-	0.0	-3.0	-8.0	-11.5
Total Equity	2,108.3	2,844.9	3,209.7	2,685.9	2,282.2

Total Liabilities & Shareholders’ Equity	5,749.2	5,500.5	5,047.8	4,781.5	4,193.3

Shares Outstanding - Common Stock Primary Issue	113.0	127.2	141.0	137.5	134.8
Total Common Shares Outstanding	113.0	127.2	141.0	137.5	134.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	33,931	32,700	31,070	30,379	28,248
Number of Common Shareholders	96,000	96,000	86,000	64,150	62,000
Accumulated Intangible Amort, Suppl.	29.0	24.4	18.6	23.2	9.5
Total Long Term Debt, Supplemental	1,546.1	797.7	356.1	778.8	732.7
Long Term Debt Maturing within 1 Year	49.7	0.7	0.1	100.0	8.1
Long Term Debt Maturing in Year 2	99.3	0.5	356.0	0.0	3.6
Long Term Debt Maturing in Year 3	49.7	0.1	0.0	339.4	1.9
Long Term Debt Maturing in Year 4	49.7	0.1	0.0	339.4	0.8
Long Term Debt Maturing in Year 5	-	-	-	-	614.5
Long Term Debt Maturing in 2-3 Years	149.0	0.6	356.0	339.4	5.5
Long Term Debt Maturing in 4-5 Years	49.7	0.1	0.0	339.4	615.4
Long Term Debt Matur. in Year 6 & Beyond	1,297.8	796.3	0.0	0.0	103.7
Total Capital Leases, Supplemental	0.3	0.3	2.9	12.3	-
Capital Lease Payments Due in Year 1	0.2	0.1	1.5	6.5	-
Capital Lease Payments Due in Year 2	0.1	0.2	1.1	4.3	-
Capital Lease Payments Due in Year 3	0.0	0.0	0.1	0.6	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.1	0.6	-
Capital Lease Payments Due in 2-3 Years	0.1	0.2	1.2	4.9	-
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.1	0.6	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.1	0.3	-
Total Operating Leases, Supplemental	1,843.1	1,651.0	1,507.6	1,501.5	1,505.8
Operating Lease Payments Due in Year 1	240.0	226.5	219.9	214.1	213.5
Operating Lease Payments Due in Year 2	226.7	210.6	203.6	198.0	194.4
Operating Lease Payments Due in Year 3	203.1	190.2	177.5	179.0	175.7
Operating Lease Payments Due in Year 4	178.2	162.1	152.5	152.0	155.5
Operating Lease Payments Due in Year 5	154.3	135.9	123.6	126.2	128.0
Operating Lease Pymts. Due in 2-3 Years	429.8	400.8	381.1	377.1	370.1
Operating Lease Pymts. Due in 4-5 Years	332.4	298.0	276.1	278.2	283.5
Oper. Lse. Pymts. Due in Year 6 & Beyond	840.8	725.7	630.4	632.1	638.7

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